{"id":20656,"date":"2023-11-06T09:20:13","date_gmt":"2023-11-06T08:20:13","guid":{"rendered":"https:\/\/integrae.it\/?p=20656"},"modified":"2023-11-06T09:20:15","modified_gmt":"2023-11-06T08:20:15","slug":"breaking-news-06-11-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/","title":{"rendered":"BREAKING NEWS – 06.11.2023"},"content":{"rendered":"\n
In a press release of October 30th, 2023, Redelfi, a company at the head of the Genoa-based\u00a0industrial group of the same name engaged in the development of innovative and\u00a0sustainable infrastructure to facilitate the energy transition, listed on the Euronext Growth\u00a0Milan segment of the Italian Stock Exchange, announced the acquisition of GPA Solutions\u00a0Srl (\u201cGPA\u201d) from the Italy-based company TZU Srl.

GPA is a company active in the energy market and in the development of BESS, but it\u00a0mainly operates in commodity trading, an activity that enabled it to achieve a turnover of\u00a0approximately \u20ac 26.00 million in the 2022 fiscal year. Since commodity trading is not consistent\u00a0with Redelfi\u2019s core business, the Company has undertaken by contract to transfer the\u00a0business without any constraints to the vendor party; for this reason, the reverse takeover\u00a0under the EGM segment \u201cRegolamento Emittenti\u201d does not apply.

The operation, in fact, regarding GPA\u2019s 100.0% shareholding, has the sole objective of accelerating\u00a0the development of stand-alone BESS projects in Italy related to the recent agreement\u00a0concluded with the WRM Group, concerning the creation of a joint venture for the\u00a0development of a total pipeline of 2.8 GW in three years. GPA itself, through its subsidiary\u00a0REC Storage Srl, is engaged in the development of a 1.2 GW pipeline of BESS plants.\u00a0

Redelfi has paid, as the acquisition consideration, an amount of \u20ac 0.30 million, to which will\u00a0be added an earn-out recognized in 1,550,000 newly issued Redelfi shares that TZU Srl will\u00a0have the right to subscribe in 2028 for \u20ac 2.00 per share. Alternatively, if the value of Redelfi\u2019s\u00a0shares as of December 1st, 2028, is higher than \u20ac 9.20 or if Redelfi\u2019s Board of Directors\u00a0does not exercise its authority to issue new shares, the earn-out will be recognized in a cash\u00a0amount of \u20ac 11.20 million. However, the earn-out thus negotiated will only be paid if, as of\u00a0December 1st, 2028, projects with a minimum capacity of 800 MW will actually have been\u00a0developed, authorized and sold.\u00a0Following the acquisition, and once again in line with the Term-Sheet developed with the\u00a0WRM Group anticipated in the last Equity Research paper of October 16, Redelfi established\u00a0the subsidiary Bright Storage SpA, which will be 49.0% owned by Flash Srl and will invest\u00a0equity in the development of the BESS project pipeline of 2.8 GW over three years.

With the recent agreements, Redelfi gives an important acceleration to the development of\u00a0storage projects in the Italian market, expanding its activity on two frontlines after the start\u00a0of the first projects in the United States. While waiting to assess the economic impact of the\u00a0recent agreements, we confirm our recommendation:\u00a0BUY rating, target price \u20ac 7.50, risk\u00a0MEDIUM.<\/strong>
\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In a press release of October 30th, 2023, Redelfi, a company at the head of the Genoa-based\u00a0industrial group of the same name engaged in the development of innovative and\u00a0sustainable infrastructure to facilitate the energy<\/p>\n","protected":false},"author":5,"featured_media":17439,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,252],"tags":[168],"class_list":["post-20656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-breaking-news-en","tag-redelfi-en"],"acf":[],"yoast_head":"\nBREAKING NEWS - 06.11.2023 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING NEWS - 06.11.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In a press release of October 30th, 2023, Redelfi, a company at the head of the Genoa-based\u00a0industrial group of the same name engaged in the development of innovative and\u00a0sustainable infrastructure to facilitate the energy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-06T08:20:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-06T08:20:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/Redelfi-Logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BREAKING NEWS - 06.11.2023 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/","og_locale":"en_US","og_type":"article","og_title":"BREAKING NEWS - 06.11.2023 - integrae.it \u2013 Financial Boutique","og_description":"In a press release of October 30th, 2023, Redelfi, a company at the head of the Genoa-based\u00a0industrial group of the same name engaged in the development of innovative and\u00a0sustainable infrastructure to facilitate the energy","og_url":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-11-06T08:20:13+00:00","article_modified_time":"2023-11-06T08:20:15+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/Redelfi-Logo.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES & TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/Redelfi-Logo.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/Redelfi-Logo.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/#webpage","url":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/","name":"BREAKING NEWS - 06.11.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/#primaryimage"},"datePublished":"2023-11-06T08:20:13+00:00","dateModified":"2023-11-06T08:20:15+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/breaking-news-06-11-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"BREAKING NEWS – 06.11.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=20656"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20656\/revisions"}],"predecessor-version":[{"id":20657,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20656\/revisions\/20657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/17439"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=20656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=20656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=20656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}